and more importantly in steepening the curve because, again, what is the conversation today even with merkel that they want to keep this program not on the long end, not the ten years but within that three-year window. in fact, draghi made a comment last night or yesterday which i found amazing. he said that if you do this in the short term, there is really no big monetary impact because all that stuff will roll off anyway. i found that kind of funny and when i said it, i said three years in our world, rick, and in the financial world is a long time. and to think, well it's not really a monetary phenomenon because it is going to roll off, not so sure about that. >> all right. let's keep it simple for viewers. there are really two issues here. one is saving the euro as a currency. the other is the insolvency in the financial system in europe. let's take the latter. is the financial insolvency going to be fixed by the short-term liquidity programs? >> no which is why you get the push/pull on the currency. if you're short in euro currency because you fear for its existence then anything that th